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EOSUSD Bull Trap Incoming?

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Avatar for rafaelken1989
Written by   52
4 months ago
Topics: Eos, EOSUSD, Technical, Analysis, Trading, ...

EOSUSD has a strong recovery since its June lows below a dollar that lead to nice comeback at least re-testing its former FVG (fair value gap) price last May's peak at almost $2.

Such peat doubled EOS' value.

Price corrected afterwards to as low as $1.30-1.35 at the end of August and it continued to be the observed demand in September.

With its 4-hour 50-moving average hints an incoming bear and death crosses, I need to evaluate EOSUSD potential price trajectory.

All I can see right now is that the $1.30-1.35 price range still wants to act as the immediate relief and the fact that EOSUSD came from a very good rally, I think that it the 4-hour MAs will set-up some bull trapping first before the relief range breaks down.

I will short EOS at my speculated bull trap then exit at its 61.80% retracement area.

In case my TA goes off direction, stop loss is placed at $1.82.

This short trade plan gives me a risk:reward score of 3.

We'll see what happens next. Soon.

Original article written by me:

https://www.finlogix.com/analysis/20220917/eosusd-bull-trap-incoming

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Avatar for rafaelken1989
Written by   52
4 months ago
Topics: Eos, EOSUSD, Technical, Analysis, Trading, ...
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